The generation gap is as wide as ever according to the two-phased study on how Canadians from 20 to 34 years of age and those 35 and older seek information about financial matters. — Download the summary of findings.

Toronto, ON, February 09, 2010 – This research conducted for the Investor Education Fund suggests the differences in learning habits, preferences and skills between young and old are significant.

The two-phased study, conducted over the summer and fall of 2009, reveals Canadians 35 years of age and older have the financial knowledge and experience to help themselves and their adult children. But they are less willing or able than those under 35 to mine the ever-growing amount of financial information available on the Internet.

The two groups also have different ideas about what sources they consider trust-worthy. Seven out of ten people surveyed who were 35 or older cite advisors as information sources, compared to just three out of ten in the 20-34 age group. Ninety percent of those under 35 years of age use the Internet as a source for financial information versus just 40 percent of people 35 and older.

The research also shows that those under 35 are typically skeptical and want cross-validation of information, including the opinions of friends and family, to help them determine what information is trustworthy. However, the older you are, the more likely you are to seek “expert” advice from people and information sources you know and have learned to trust.

Another key finding is that older Canadians and their adult children recognize that when it comes to personal finance, they each have knowledge and skills to share. Surprisingly, while just over one-third of adult children think their parents would accept the advice or information they offer, nearly two-thirds of parents say they are receptive to listening to what their adult children have to say when it comes to personal finance.

“Our findings include a number of wake-up calls regarding the financial information that people want and how they want to get it,” says Investor Education Fund president Tom Hamza. “It’s not enough for organizations interested in raising the level of financial literacy in Canada to make good, unbiased information available. The Investor Education Fund conducted this research to precisely identify how Canadians, both young and old, are learning, and how they want to learn about financial matters.”

Download the summary of Findings about Canadians age 20 to 34, about Canadians 34 and over, and a comparative review of the findings for both groups

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